Loans

a) Loans shall be given to members of the society on completion of at least six months of enrolment of membership, but no member can claim a loan, as a matter of right.
b) All applications for loan shall be made to Secretary in the prescribed form.
c) Loan application will be entertained from only such of those employees who have been confirmed in ICRISAT service.
d) Every member before getting the loan should sign an agreement in the prescribed form, authorising the Financial Services of ICRISAT to deduct the loan instalment amount from his salary and other sums due to him from ICRISAT.
e) Every member of the Society is entitled to:

General Loan

(I) A short-term loan /General Loan of Rs.15,000/- irrespective of the number of shares held by him/her. This amount of Rs.15,000/- shall be recovered in a maximum of 24 monthly instalments with interest.

Share Loan

(II) A long-term cash loan / Share loan of 20 times of his/her base pay or 15 times of his/her share capital (as on date of application) whichever is less subject to a maximum of Rs.50,000/- which shall be recovered in not more than 60 equal instalments with the following eligibility limits:
a) A member who has put up a continuous service in ICRISAT:
( i )Upto 36 months : 3 times base pay or Rs.50,000/- whichever is less.
(ii )Thirty seven months to 60 months : 8 times base pay or Rs.50,000/- whichever is less.
(iii )Sixty one months & above : 20 times base pay or Rs.50,000/- whichever is less.
b) Loans could be issued after adjusting the outstanding loans, interests, shares, etc., against the new loan and the net amount paid to the member.

Hire Purchase Scheme

(III) The Managing Committee will decide the number of instalments in which any hire purchase scheme loan will be recovered subject to a maximum of 60 instalments. The interest rate will be fixed by the Managing Committee.
The total liability of any member towards the society (Society's and or outside finance) is as follows:
A regular Staff/SS member of ICRISAT who has put up a continuous service of:
1. Thirty seven months & above: Rs .6,00,000/-
f) All the aforesaid loans/instalment schemes with Society's finance will be granted to a member subject to the condition that under all the loans/schemes put together a member can avail to a maximum extent of Rs. 6,00,000/- and also his/her monthly total recovery from salary, excluding PF, income-tax deductions, professional tax, VPF, CTD, House loan, etc., does not exceed 50% of the gross salary.
1. Members who are on 3/5 years contract, the total liability under all loans should not exceed Rs. 60,000/- for the first term of contract of employment.
2. Members who are on 3/5 years contract, with a further extension for a minimum period of 3 years contract the total liability under all loans should not exceed Rs 1.50,000/-.
3. Members who are on 3/5 years contract, with a further extension for a minimum period of 3 years contract the total liability under all loans should not exceed Rs 4,00,000/- (third extended term of contract of employment). Surety must be only from regular employees in both the cases and loans will be issued subject to the rules framed by the Managing Committee.
g) Priority shall be given to the new applicants.
h) Service charges on all loans granted by the society shall be charged at a rate fixed by the Managing Committee not exceeding 2% per annum over and above the rate of interest charged for borrowing from outside agencies. Interest will be charged on reducing principal basis and is recoverable along with the monthly instalments of repayments of principal of the loan amount.
I) No loan shall be granted to a member unless he produces adequate security to cover the risk. The loan may be granted on the joint and several responsibility of the borrower and two other members standing as sureties provided they qualify the following conditions.
(1) The sureties should be in the confirmed service of ICRISAT and member of the society.
(2) Provided that the sureties are not already indebted to the society on their own names or as sureties to any member(s) of the society to the extent of Rs.1,75,000/-.
(3) One member should not stand as surety at any given time for more than two persons.
j) No loan will be granted to a member unless all the necessary documents along with the sureties are completed.
k) When a surety dies or ceases to be a member, or his name removed from the membership of the society, the Managing Committee shall require the borrower to produce a fresh surety. If a fresh surety is not produced, within 30 days of death of the previous surety, the loan accounts of the member shall immediately be closed and action for recovery of the loan due from him taken.
l) A member can withdraw his holdings in the thrift scheme or part thereof once during a financial year (April-March) of the Society. However, a member will be allowed to withdraw twice in a financial year if the concerned member's monthly contribution to the scheme is not less than Rs.200. In any case, the member will be required to give at least 2 months' notice in writing, to the Treasurer in the prescribed form, of his intention to do so.
m) The Managing Committee shall scrutinise every loan application and only after it is convinced that the purpose for which the loan applied for is reasonable, shall sanction the loan; generally the managing committee of the society may sanction loans for the following purposes to its members, with appropriate consideration for emergency cases by the Secretary/President.
(1) Self's marriage/marriage of son/daughter/brother/sister.
(2) Purchase of household appliances and articles like refrigerator, air conditioner, fan, mixer, furniture, utensils etc.
(3) Expenses connected with the death of a family member.
(4) Expenses connected with the birth of a child to the member concerned.
(5) Expenses connected with any religious ceremony/celebration.
(6) The purchase of bicycle/scooter/motorcycle/moped etc.
(7) Expenses connected with the school/college education of a member and or his spouse, children and dependants.
(8) Expenses connected with the sickness/hospitalization of a member and or his/her spouse, children and dependants.
(9) Loans for the purpose of purchase of house or land for construction of a house.
(10) In case a member resigns/service terminated/dies, the outstanding amount by way of loan and interest thereon due by him to the society shall be deducted from the share Capital/savings and any amount due to him from ICRISAT. If for any reasons the recoveries from a member are not received for 3 months continuously, then the same will be recovered from the sureties salaries proportionately along with the interest.
(11) Every mid and long term loan application should be scrutinised by the Managing Committee and sanctioned by it, preferably once in a month (preferably during first week) and meet again if situation warrants.

Thrift Savings Scheme

All members of the society will have to contribute a minimum amount as per details given below:
Base pay upto Rs. 2000/- Rs. 50.00 each Base pay Rs. 2001- 4000/- Rs. 75.00 each Base pay above Rs. 4001/- Rs.100.00 each : The above contributions/accumulations will be effected for a minimum period of 10 years and the same will be retained by the Society till the cessation of membership. Interest rate fixed by the MC will be credited on the above deposit.
(B) THRIFT DEPOSIT : A new scheme is being introduced under the above head. The minimum amount of deposit shall be specified in the initial stage itself. The interest rate applicable is for 12 months: 13%; 24 months: 13.5%; & 36 months: 14%. If the deposit is withdrawn earlier than the period specified, interest will be calculated and paid only @12%. The interest rates will be fixed by the managing committee from time to time as and when necessary. Loans will be granted, if applied, equivalent to 75% of the deposit amount, excluding the interest, subject to the bye-law 32 (III) and interest will be charged @2% more than the interest payable on deposits. The loan amount will be recovered before the maturity period of the deposits in equal monthly instalments. For withdrawing the deposit, earlier than the specified period, the member will be required to give at least a month's notice. Interest will be compounded half yearly on these deposits.

Mutual Benefit Scheme

This is to extend benefit to the members in groups. Groups will be arranged by the Committee taking the amounts as basis. The interested members can join the concerned group of his/her interest and pay the monthly subscription by authorising the society to recover the same from the salary of the concerned member. All the members of a particular group will be intimated to gather at the Society's office or at any specified place and offer the maximum benefit that they can offer to other members of the same group. In any case the maximum benefit offered by the member should not exceed 30% of the amount specified for that group, which includes society's handling charges of 3%. The handling charges will be fixed by the managing committee from time to time. If there are more than one person offering the maximum benefit, the beneficiary will be decided by drawing lots. In the event of any dispute arising in a particular group, the Managing Committee's decision will be final. For joining a group, the recovery may be even more than 50% of the gross salary but at the time of taking the benefit the recoveries shall not be more than 50% of the gross salary. The beneficiaries will have to furnish sureties as required by the Society from time to time.

Death/Disablement Relife Fund

It is proposed to organise a fund known as ‘Death Relief Fund' thru the Society. The Rules and Regulations are as follows:
(1) All the members of the society will automatically become members of this fund also. They are required to declare their nominees for whom the benefits of the scheme shall go in the event of death and also shall pay Rs.5.00 towards registration fee which is non-refundable.
(2) When a member dies or loses ICRISAT service due to his/her permanent disability, an amount of Rs.200.00 will be recovered from the succeeding month's salary of all other members and the money accrued so will be paid to the nominees of the deceased or to the disabled member and the society will give a circular about the happening.
(3) This fund will be operated and managed by the Managing Committee of the Society.

MEDICAL RELIEF LOAN : A special loan known as ‘Medical Relief Fund' is proposed to be introduced. The rules and regulations are detailed below:
(1)Members who fall sick due to serious and prolonged illness which required continuous treatment and they are on leave continuously and in the 2nd month of leave or when the leave without pay status starts whichever is earlier will be eligible to apply for this loan.
(2) The maximum amount of this loan is Rs.2,000.00.
(3) No interest will be charged on this loan.
(4) Recovery of the loan will start only when the member resumes duty.
(5) The approval of the loan will be done by the Managing Committee of the Society in consultation with the Personnel Division.

Group Savings Linked insurance Scheme

Society will introduce the Group Savings linked insurance scheme operated by the LIC of India, for the benefit of the interested members. Under the scheme, a member by paying a nominal amount ranging from Rs.25/- to Rs.100/- per month will get insurance coverage for amounts Rs.25,000/- and Rs.1,00,000/- respectively. Society on its part will arrange recovery of the premium amounts from the salaries of the members and pay to LIC. All members of the society will have to become members of this scheme.